2020s Mayor's Press Releases: on Tax Reform


Eric Adams: Two year "Recovery" tax for those making more than $5M

The multi-millionaires and billionaires must pay their fair share to help all of us get through the aftermath of the pandemic, which disproportionately hurt Black and Brown New Yorkers. We can generate $1 billion to 2 billion annually by instituting a "Recovery Share"--a modest increase to the income taxes of city earners who make more than $5 million a year, sunsetting after two years. That money would go directly into initiatives that help us bounce back from the pandemic.

We will reward businesses that hire local workers and benefit minority and female owners and workers--especially on City-financed projects. Specifically, businesses will be asked to commit to hiring 75% city-based workers, prioritizing M/WBE contractors, and ensuring their contractors pay a living wage and report their workers' residency and ethnicity statistics. Employers who agree to these terms could benefit from tax breaks and special consideration for City contracts.

Source: 2021 NYC Mayoral campaign website EricAdams2021.com Jul 7, 2021

Eric Adams: Weekly sales tax holiday to support local business

Out-of-town tech companies like Amazon have asserted market dominance here at the expense of small business owners--a problem that only deepened during the pandemic. My administration will implement a weekly sales tax holiday, every Tuesday, on services and products that are more likely to be paid for in-person to incentivize New Yorkers to spend locally. We will offset the cost of this weekly holiday by more fairly taxing online transactions such as streaming services, which are not taxed.
Source: 2021 NYC Mayoral campaign website EricAdams2021.com Jul 7, 2021

Andrew Cuomo: Decrease personal income tax & decrease property tax

[Candidates] Ramos and Mamdani would increase the personal income tax of New Yorkers, while Cuomo and Sliwa would decrease them, with the other candidates saying they would keep them the same.

Walden, Cuomo and Sliwa would decrease the property tax rate, while Blake would increase it--most other candidates would keep the rate as it is now, except for Ramos, who did not provide an answer.

Source: FOX5NY on 2025 NYC Mayoral race Jun 10, 2025

Curtis Sliwa: Would decrease personal income tax, property tax rates

[Candidates] Ramos and Mamdani would increase the personal income tax of New Yorkers, while Cuomo and Sliwa would decrease them, with the other candidates saying they would keep them the same.

Walden, Cuomo and Sliwa would decrease the property tax rate, while Blake would increase it--most other candidates would keep the rate as it is now, except for Ramos, who did not provide an answer.

Source: FOX5NY on 2025 NYC Mayoral race Jun 10, 2025

Zohran Mamdani: Increase personal income tax, not property tax

[Candidates] Ramos and Mamdani would increase the personal income tax of New Yorkers, while Cuomo and Sliwa would decrease them, with the other candidates saying they would keep them the same.

Walden, Cuomo and Sliwa would decrease the property tax rate, while Blake would increase it--most other candidates would keep the rate as it is now, except for Ramos, who did not provide an answer.

Source: FOX5NY on 2025 NYC Mayoral race Jun 10, 2025

  • The above quotations are from Mayoral news coverage.
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Candidates and political leaders on Tax Reform:
Candidates for President & Vice-President:
V.P.Kamala Harris (D-CA)
Robert F. Kennedy Jr.(I-CA)
Chase Oliver(L-GA)
Dr.Jill Stein(D-MA)
Former Pres.Donald Trump(R-FL)
Sen.J.D.Vance(R-OH)
Gov.Tim Walz(D-MN)
Dr.Cornel West(I-NJ) 		2024 presidential primary contenders:
Pres.Joe_Biden(D-DE)
N.D.Gov.Doug Burgum(R)
N.J.Gov.Chris_Christie(R)
Fla.Gov.Ron_DeSantis(R)
S.C.Gov.Nikki_Haley(R)
Ark.Gov.Asa_Hutchinson(R)
Former V.P.Mike Pence(R-IN)
U.S.Rep.Dean_Phillips(D-MN)
Vivek_Ramaswamy(R-OH)
S.C.Sen.Tim_Scott(R)
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Page last updated: Aug 12, 2025